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He told CBS' "Face the Nation" in an interview airing this Sunday that he "may be wrong" about Trump's candidacy not being viable.
Colbert also named the one thing that he finds "appealing" about Trump's run for the Republican presidential nomination, saying it might be the "saving grace" of his campaign.
"There's a populism to Trump that I find very appealing," Colbert said. "And it's only this, is that the party elders would like him to go away. But the people have decided that he's not going to."
He continued: "I may disagree with anything that he's saying and think that his proposals are a little, well, more than a little shocking. But there is something really hopeful about the fact that, well, 36% of the likely voters want him, so the people in the machine don't get to say otherwise. That's the one saving grace, I think, of his candidacy."
Colbert also acknowledged that he has a certain respect for how in tune Trump is with what voters want.
"What I do respect is that he knows that it is an emotional appeal. And it might be emotional appeals that I can't respect, but he knows that you have to appeal to the voter. And that's why I may be wrong. I made a big deal about, 'There's no way he's going to win,'" Colbert said.
"Again, I don't know anything about
Colbert has previously said that he didn't think Trump had a real shot at the presidency.
In an October segment, Colbert addressed a photo of Trump, saying: "You're not going to be president. All right? It's been fun. It's been great. I love you. But come on, come on, buddy. ... There is zero chance we'll be seeing you being sworn in on the Capitol steps with your hand on a giant golden Bible."
Trump is now at the top of the polls among Republicans who are seeking their party's nomination, garnering 39% of the GOP vote in a CNN survey out Wednesday.